You just graduated from college. Congratulations! After years of hard work, you finally have that diploma in hand. But with graduation comes the realization that it’s time to start paying back your student loans. And if you’re like most students, you took out quite a bit in loans to pay for your education. As you … Read more
You may receive a Tax Form 1099 E from your loan servicer if you have federal student loans. This important tax document shows the interest you paid on your loans in the previous tax year. Receiving a 1099-E can be confusing, especially if it’s your first time dealing with student loan interest and taxes. Don’t … Read more
Student loan interest 1098-E form: Paying back student loans can be a hassle, especially with the interest that accrues on top of your original loan balance. But did you know you could deduct some of that interest on your taxes? The Student Loan Interest Deduction allows you to reduce your taxable income by up to … Read more
Student Loan Interest Deduction Phase Out: You may be familiar with the student loan interest deduction if you have student loans. This tax deduction allows you to deduct up to $2,500 of the interest paid on your student loans yearly. However, income limits, known as phaseouts, can reduce or eliminate your ability to claim this … Read more
Paying back student loans can be a huge financial burden for many people, especially if you don’t know your loan interest deduction income limits. The interest that accumulates on student loans can add up over time. Luckily, a tax deduction allows you to deduct up to $2,500 of the interest you pay on student loans … Read more